A.M. Update

S&P futures are nearly unchanged, coming down after the shockingly bad Retail Sales report. Retail sales fell 0.8% in January (consensus -0.2%) following a 0.4% increase in December (revised from 0.6%). That is the worst monthly decline since March 2023 and worst YoY rise since May 2020. Retail sales, excluding autos, fell 0.6% in January…